Dix, Inc
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Dix, Inc., a calendar-year corporation, reported the following operating income (loss) before income tax for its first three years of operations:
2014
$100,000
2015
(200,000)
2016
400,000
There are no permanent or temporary differences between operating income (loss) for financial and income tax reporting purposes. When filing its 2015 tax return, Dix did not elect to forego the carryback of its loss for 2015. Assume a 40% tax rate for all years. What amount should Dix report as its income tax liability at December 31, 2016?
Dix, Inc., a calendar-year corporation, reported the following operating income (loss) before income tax for its first three years of operations:
|
|
|
|
2014 |
$100,000 |
|
2015 |
(200,000) |
|
2016 |
400,000 |
There are no permanent or temporary differences between operating income (loss) for financial and income tax reporting purposes. When filing its 2015 tax return, Dix did not elect to forego the carryback of its loss for 2015. Assume a 40% tax rate for all years. What amount should Dix report as its income tax liability at December 31, 2016?
A. $120,000
B. $60,000
C. $160,000
D. $80,000
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